Muncie Times, Muncie, Delaware County, 5 November 1992 — Page 12

The Muncie Times, Thursday, 5 November, 1992, Page 12

Delaying retirement increases Social Security benefits

Social Security by Ann Walter Many people may not realize that the longer they delay retirement, the higher their Social Security benefits will be, William D. Brown, Social Security manager in Muncie said. Credits are given for each month that a person over

65 delays retirement These credits increase benefits by 4 percent a year for people retiring in 1991, Brown said. The amount of the credits will gradually increase each year, until they increase benefits by 8 percent for people retiring in 2008. These percentage increases, known as “delayed retirement credits,” are applied to a person’s age 65

rate. A person delaying retirement from 65 to 70 for example, will find a 17.5 percent increase in the benefit she or he would have .received, if retirement

had occurred at 65. Increasing the rate of

delayed retirement credits is a cost saving feature of the 1983 Social Security amendments, designed to encourage people to work

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longer and delay drawing

benefits.

The amendments also gradually increased the full retirement age when credits can be applied from 65 to 67, starting in 2000. Almost 40 million people are receiving Social Security benefits. Another 4.4 million people will file claims for benefits this year. Although almost everyone eventually applies for Social Security, the prospect can be frightening. The events in people’s lives that lead up to applying for Social Security-retiring, stopping work because of disability, or the death of a family member-often make people anxious and uncertain. For that reason, we try to make the application process as simple, brief, and informative as possible. For most people, the claims process will begin with gathering information. A series of free Social Security publications, Retirement Disability. Survivors. SSL Medicare is written especially for people who want information about these programs, before they apply for benefits. Most claims are for retirement or survivors benefits. The process is really very simple. The entire Social Security application can be taken over the telephone. The completed application is then mailed to the person to be signed and returned. A birth certificate, and possibly other documents, often will be needed to complete the claim. The original documents can be mailed with the application or brought to the Social Security office, where they will be photocopied and returned immediately. In a few weeks, the applicant will get a letter with the amount of the Social Security benefit, the beginning date of the benefits, and a booklet explaining how to report changes to Social

Security.

Of course, not every claim can be processed as quickly as this. Disability claims, for example, take considerably longer because of the additional time needed to obtain medical evidence of the disabling condition. Usually it is a good idea to call Social Security to get one of the booklets listed above. The information they provide can save a lot of time and make the claims process more understan-

dable.

Lugar's frugality Washington — U.S. Sen. Richard Lugar has returned $2.1 million in unspent office funds during his Senate service — setting an example by turning back and annual average of greater than 10 percent of the budget allotted for office expenses and staff salaries. Records now available show that Lugar (R-Ind.) left $128,000 unspent in fiscal year 1992. “Each elected official must take responsibility for office budgets and lead by example,’’ said Lugar, who has returned public dollars unspent each year he has served in the Senate, through management of his office.

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